Penny Auction Site Receives “Almost S$1 Million” in Funding


Update: Co-founder Qiuyan told me, “The main investor is called XGS Venture Partners – formed by a group of Ex-bankers. The others include a private investor and our main supplier (a long term partnership).” There isn’t any website for XGS yet since its newly formed.

Exciting-deals-at-SoldFresh from the oven — We received news that, a Singapore-based online penny auction start-up has raised “almost S$1 million” (about US$773 455) in its latest round of funding.

Some of you might remember which we covered about three months ago. The e-commerce start-up was founded by Tian Qiuyan, Angeline Tham, and Chan Chiou Hao in July 2010 and was already gaining steam back then.

It now boasts 40,000 loyal users in Singapore – and with the new funding, plans to expand its business regionally.

First stop? Malaysia. And it will operate a similar penny auction e-commerce model on a separate Malaysia domain — Check out our previous coverage here to understand more about its business model.

For folks who wish to get the latest gadget at a cheap price, you can check out And damn, another lucky guy has just bought a Nintendo Wii for just S$39.85

(And yes, we're serious about ethics and transparency. More information here.)

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